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Monday 15 December 2014

ISCA SUMARY NOTES FOR MAY 2015 CA FINAL

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Latest ISCA Summary Notes Free Download. Guys from here you can download the ISCA Summary Notes (Quick Revision Points) with ultimate graphics and diagrams . The notes are really easy and important topics are covered in the notes. The Paragraphs are divided into small points to make it easy to learn.

Friday 5 December 2014

CA ETHICS AND COMMUNICATION NOTE MNEMONICS

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Thursday 30 October 2014

CA FINAL Income Tax Fast Track Quick Revision

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Tuesday 21 October 2014

CA IPCC AND FINAL SERVICE TAX REVISION IN ONE PAGE

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Sunday 19 October 2014

CA Final 45 Sections of Companies Act 2013 notes – Munish Bhandari Sir

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Saturday 18 October 2014

Financial Reporting Notes For CA Final Students

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ISCA Important Topics for November 2014

Chapter 1 : Concepts of Governance and MIS  [ Probable weight age : 8-12 Marks ]

  • Governance dimensions
  • What is IT Governance and explain its benefits .
  • 5  Internal control components [ COSO framework ] – V.imp .
  • Steps to be followed for aligning IT Strategy with Enterprise Strategy
  • Definitions of Risk ,Threat , Vulnerability , Threats likelihood , Exposure , Countermeasure .
  • 5 Risk management strategies .
  • COBIT 5.0 , Benefits of COBIT , 5 Principles of COBIT [ V.IMP]  and
  • 7 Enablers of COBIT .

Chapter 2 : IS Concepts [ Probable weight age : 10-15 Marks ]

  • Types of System .
  • Information and its Attributes .
  • Components of CBIS
  • Charters tics of CBIS .
  • What is TPS and explain its features .
  • What is MIS ,
  • Misconceptions of MIS ,
  • Characteristics of MIS ,
  • Constraints in operating MIS
  • limitations of MIS .
  • Characteristics of Decision support system ?
  • Contents of EIS / Guidelines to Design the EIS .
  • Explain the features of email .
  • Benefits of expert system
  • Properties that a potential system should possess to qualify for an Expert system ?
  • Knowledge which an manager should possess to operate IS effectively and efficiently? [ V. IMP ]



Chapter 3 : Protection of IS [ Probable weight age : 10-15 Marks ]

  • What is Risk and why do Gap arise ?
  • Objectives of IS Security [ June 2014 - 4 Marks]
  • What is IS Policy and what are its contents [ Imp ]
  • Types/ Hierarchy of IS Policy
  • Effect of Computer / technology in Internal control
  • What is meant by compensatory control
  • What is Boundary control and explain different boundary control techniques .
  • Explain Control over Data Integrity [ Information classification , categories and policies ] – imp.
  • Logical access paths
  • What are the different types of
  • Technical exposures if logical access controls are absent
  • Computer crime exposures if logical access controls are absent
  • Asynchronous attacks
  • Techniques to commit cyber frauds . [ Short question ]

Chapter 4 : BCP & DRP [ Probable weight age : 6-10 Marks ]

  • What is meant by BCM ? Explain the terms associated with BCM .
  • BCP Manual ?
  • Advantages of  Business continuity .
  • BCP Policy ? Objectives of BCP policy ? [ V. Imp]
  • What is meant by BCP ? Areas covered by BCP .
  • Objectives and Goals of BCP ?
  • What is BIA ?
  • Discuss Test plan ?
  • Alternate processing facilities arrangements ? [ Imp ]
  • Types of Backup 

Chapter 5 : Acquisition , development and implementation of IS  [ PW : 15-20 Marks ]

  • Reasons for failure of System development activity ?
  • Discuss System development methodology ?
  • 6 approaches for System development [ Most imp : Prototype , RAD & Spiral ]
  • What are the points to be addressed in Delineation of Scope ?
  • Fact finding technique ? [ Hint : Phase  2 ]
  • What are Points to addressed while analyzing Present system ? [ V. Imp]
  • What is meant by SRS ? Explain its contents ? [ June 2014]
  • What is meant by Data Dictionary ?
  • Designing System output & System Input ?  [ V. Imp]
  • 4 Design Principles ? [ Short note ]
  • Methods for Validation Vendors Proposal ? [ Hint : 5 Methods discussed in Phase 4  ]
  •     Characteristics of good Coded Program ?  [ Imp ]
  • Total testing phase [ Phase 5 ] is important . [ Contains Unit testing , Integration testing ,System testing and User acceptance testing]
  • What are the activates involved in System conversion ? [ Hint : 4 activities discussed in Phase 6 ]
  • System implementation conversion strategies ?
  • What is PIR ? Methods ?
  • System maintenance and its types [ June 2014 ]

Chapter 6 : Auditing  of IS [ Probable weight age : 10-15 Marks ]

  • Need for Audit of IS ?
  • Effect of computers on Audit ?
  • Skill set that an IS auditor should possess for Auditing IS environment  ? [ V. Imp]
  • Categories of IS Audit ?
  • Steps in IT Audit ?
  • Categories of Risk [Hint : Inherent Risk , Control Risk , Detection Risk ]  – [ V. Imp]
  • 4 different types of Audit tools [Hint : Snapshot , ITF , SCARF , CIS ]  – [ V. Imp]
  • Advantages and disadvantages of Continuous Auditing ?
  • Audit trial and its Objectives ?
  • What are the task performed by OS or Importance of OS ? – [ V. Imp]
  • Discuss Various Backup Strategies ?
  • Discuss System development Control [ Hint : 4th  General control ]
  • Internet and Intranet control ?
  • Processing Control ? [ Hint : 2nd Application control ]


Chapter 7 : Information Technology Regulatory Issues [ Probable weight age : 10-15 Marks ]

 

  • Objectives of IT Act , 2000
  • Exceptions to Cyber law
  • Section 3 , 4 , 5 , 6, 7 , 8, 9 [ Section 7 - V. IMP ] 4.   Section 43 , 66A , 66F , 69 , 76 , 75 , 85
  • Requirement criteria for  System Audit [ IRDA , RBI , SEBI ]
  • Cyber Forensic Audit
  • 4 Phases of ISMS
  • Key benefits of ISO 27001
  • Reasons why a company should adopt ISO 27001 [ V.IMP ]
  • ITIL [ V.IMP ]

Chapter 8 : Emerging Technologies [ Probable weight age : 10-15 Marks 



  • What is Cloud computing , Issues with Cloud computing [ V.IMP] , Goals and Objectives , Cloud computing environment , IAAS , PAAS , SAAS , Characteristics of Cloud computing , and Challenges relating to cloud computing . [ In short : All questions of cloud computing are important ]
  • BYOD and emerging BYOD Threats ?
  • What is Web 2.0 and what are its components ?
  • Green IT ? Steps to be followed for effective utilization of computing resource

 



Wednesday 24 September 2014

IPCC Taxation Amendments For November 2014

 

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The New Syllabus for IPCC Taxation is :

Part I: Income-tax (50 marks)
1. Important definitions in the Income-tax Act, 1961
2. Basis of charge; rates of taxes applicable for different types of assessee
3. Concepts of previous year and assessment year
4. Residential status and scope of total income; Income deemed to be received / deemed to accrue or arise in India
5. Incomes which do not form part of total income
6. Heads of income and the provisions governing computation of income under different heads
7. Income of other persons included in assessee’s total income
8. Aggregation of income; set-off or carry forward and set-off of losses
9. Deductions from gross total income
10. Computation of total income and tax payable; rebates and reliefs
11. Provisions concerning advance tax and tax deducted at source
12. Provisions for filing of return of income.
Part II: Indirect Taxes (50 marks)
Objective:
To develop an understanding of the basic concepts of the different types of indirect taxes and to acquire the ability to analyse the significant provisions of service tax.
1. Introduction to excise duty, customs duty, central sales tax and VAT – Constitutional aspects, Basic concepts relating to levy, taxable event and related provisions
2. Significant provisions of service tax
(i) Constitutional Aspects
(ii) Basic Concepts and General Principles
(iii) Charge of service tax including negative list of services
(iv) Point of taxation of services
(v) Exemptions and Abatements
(vi) Valuation of taxable services
(vii) Invoicing for taxable servicesPage 11 of 17
(viii) Payment of service tax
(ix) Registration
(x) Furnishing of returns
(xi) CENVAT Credit [Rule 1 -9 of CENVAT Credit Rules, 2004]

Saturday 20 September 2014

CA Final Allied Laws Notes

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Guys from here you can download the CA Final Allied Laws Notes. There are no changes in Allied Laws. The Notes contains these acts :
  1. The Securities and Exchange Board of India Act,1992
  2. The Securities Contracts (Regulation) Act, 1956
  3. The Foreign Exchange Management Act, 1999
  4. The Competition Act, 2002
  5. Interpretation of Statutes, Deeds and Documents

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IDT Excise Latest Notes by Manoj Batra


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Guys from here you can download the IDT Excise Latest Notes by Manoj Batra really amazing with lots of graphics. The notes are really easy and important topics are covered in the notes. The Paragraphs are divided into small points to make it easy to learn.

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Revised Schedule VI Handwritten Notes – Parveen Sharma

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Guys from here you can download the Revised Schedule VI Handwritten Notes – Parveen Sharma. The notes are made from exam point of view and are meant for all the professionals (CA, CS and others). The notes are really amazing and simple too.

Thursday 11 September 2014

IPC Law New 53 Section Notes for November 2014 Exams

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The main thing students now a days are looking for is the notes of those 53 sections of new companies act which will be applicable in IPC November 2014 Exams. Mainly company law paper will come from old companies act 1956, because there are only some changes that are made applicable from companies act 2013.
Well here i am giving you IPC Law New 53 Section Notes for November 2014. These notes are made from exam point of view and are in really simple language.

Friday 29 August 2014

Indian Contract Act Notes

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Guys from here you can download Indian Contract Act 1872 Notes, in simple language and easy to learn. The notes are fully fledged with examples to give you guys better understanding about the provisions.


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CA Final RTP For November 2014

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Guys ICAI has released the CA Final RTP for November 2014 Exams. 
As you all know the RTP are based on new syllabus and also contains the amendments of CA Final November 2014 and May 2015 Exams. The answers are based on the latest amendments. Its really important to do RTP before exams because its the best practice option available to the student containing all the latest amendments and questions based on them.
 
 
 
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Thursday 28 August 2014

CA Final Cost OR TheoryNotes

ISCA Complete Notes for November 2014 Onwards

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Paper 6: Information Systems Control and Audit
[One paper: Three Hours – 100 marks]

Level of Knowledge :

Advanced knowledge.

Objectives:

To gain application ability of necessary controls, laws and standards in computerized Information system.

Contents:

1. Information Systems Concepts

General Systems Concepts – Nature and types of systems, nature and types of information, attributes of information.

Management Information System – Role of information within business

Business information systems –various types of information systems – TPC, MIS, DSS, EIS, ES
2. Systems Development Life Cycle Methodology

Introduction to SDLC/Basics of SDLC

Requirements analysis and systems design techniques

Strategic considerations : Acquisition decisions and approaches

Software evaluation and selection/development

Alternate development methodologies- RAD, Prototype etc

Hardware evaluation and selection

Systems operations and organization of systems resources

Systems documentation and operation manuals

User procedures, training and end user computing

System testing, assessment, conversion and start-up

Hardware contracts and software licenses

System implementation

Post-implementation review

System maintenance

System safeguards

Brief note on IS Organisation Structure
3. Control objectives

(a) Information Systems Controls

Need for control

Effect of computers on Internal Audit

Responsibility for control – Management, IT, personnel, auditors

Cost effectiveness of control procedure

Control Objectives for Information and related Technology (COBIT)
(b) Information Systems Control Techniques

Control Design: Preventive and detective controls, Computer-dependent control, Audit trails, User Controls (Control balancing, Manual follow up)

Non-computer-dependent (user) controls: Error identification controls, Error investigation controls, Error correction controls, Processing recovery controls
(c) Controls over system selection, acquisition/development

Standards and controls applicable to IS development projects

Developed / acquired systems

Vendor evaluation

Structured analysis and design

Role of IS Auditor in System acquisition/selection
(d) Controls over system implementation

Acceptance testing methodologies

System conversion methodologies

Post implement review

Monitoring, use and measurement
(e) Control over System and program changes

Change management controls

Authorization controls

Documentation controls

Testing and quality controls

Custody, copyright and warranties

Role of IS Auditor in Change Management
(f) Control over Data integrity, privacy and security

Classification of information

Logical access controls

Physical access controls

Environmental controls

Security concepts and techniques – Cryptosystems, Data Encryption Standards (DES), Public Key Cryptography & Firewalls

Data security and public networks

Monitoring and surveillance techniques

Data Privacy

Unauthorised intrusion, hacking, virus control

Role of IS Auditor in Access Control
4. Audit Tests of General and Automated Controls

(a) Introduction to basics of testing (reasons for testing);
(b) Various levels/types of testing such as: (i) Performance testing, (ii) Parallel testing, (iii) Concurrent Audit modules/Embedded audit modules, etc.
5. Risk assessment methodologies and applications:

(a) Meaning of Vulnerabilities, Threats, Risks, Controls, (b) Fraud, error, vandalism, excessive costs, competitive disadvantage, business, interruption, social costs, statutory sanctions, etc. (c) RiskAssessment and Risk Management, (d) Preventive/detective/corrective strategies
6. Transfer pricing

(a) Fundamentals of BCP/DRP, (b) Threat and risk management, (c) Software and data backup techniques, (d) Alternative processing facility arrangements,(e) Disaster recovery procedural plan, (f) Integration with departmental plans, testing and documentation, (g) Insurance
7. An over view of Enterprise Resource Planning (ERP)
8. Information Systems Auditing Standards, guidelines, best practices (BS7799, HIPPA, CMM etc.)


Tuesday 12 August 2014

company law 2013 Sections Applicable in CA Final November Exams

S.No. Section no. as per Companies Act, 1956 Section no. as per Companies Act, 2013 Provisions
1 207 127 Punishment for failure to distribute dividends.
2 211 133 Central Government to prescribe accounting standards.
3 (i) 260 161(1) Appointment of additional director
(ii) 313 161(2) Appointment of Alternate director
(iii) No Provision 161(3) Appointment of Nominee director
(iv) 262 161(4) Filing of Casual Vacancy
4 263 162 Appointment of directors to be voted individually.
5 265 163  Option to adopt principle of proportional representation for appointment of directors.
6 290 176  Defects in appointment of directors not to invalidate actions taken.
7 293 180 Restrictions on powers of Board.
8 293(1)(e) 181 Company to contribute to bona fide and charitable funds, etc.
9 293A 182 Prohibitions and restrictions regarding political contributions.
10 293B 183 Power of Board and other persons to make contributions to national defence fund, etc.
11 295 185  Loan to directors, etc.
12 No Provision 192 Restriction on non-cash transactions involving directors.
13 No Provision 194 Prohibition on forward dealings in securities of company by a key managerial personnel.
14 No Provision 195 Prohibition on insider trading of securities.
15 318 202 Compensation for loss of office of managing or whole-time director or manager.
16 591 379  Application of Act to foreign companies.
17 595 382  Display of name, etc., of foreign company.
18 596 383 Service on foreign company.
19 602 386  [Except clause(a)] Interpretation.
20 615 405  Power of Central Government to direct companies to furnish information or statistics.
21 619A 394 Section 394- Annual reports on Government companies.
22 620 462 Power to exempt a class or classes of companies from provisions of this Act.
23 621 439 Offences to be non-cognizable.
24 624A 443 Power of Central Government to appoint company prosecutors.
25 624B 444 Appeal against acquittal.
26 No Provision 445 Compensation for accusation without reasonable cause.
27 626 446 Application of fines.
28 No Provision 447 Punishment for fraud.
29 628 448 Punishment for false statements.
30 629 449 Punishment for false evidence.
31 629A 450 Punishment where no specific penalty or punishment is provided.
32 No Provision 451  Punishment in case of repeated default.
33 630 452  Punishment for wrongful withholding of property.
34 631 453 Punishment for improper use of “Limited” or “Private Limited”.
35 633 463 Power of Court to grant relief in certain cases
36 635A 456 Protection of action taken in good faith.
37 635AA 457 Non-disclosure of information in certain cases.
38 637 458 Delegation by Central Government of its powers and functions.
39 637A 459 Powers of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications
40 637B 460 Condonation of delay in certain cases.
41 638 461 Annual report by Central Government.
42 641 467 Power of Central Government to amend Schedules.
43 642 469 Power of Central Government to make rules.
44 643 468 Power of Central Government to make rules relating to winding up.
45 No Provision 470 Power to remove difficulties.

Saturday 9 August 2014

HOW TO APPLY FOR REVALUATION FOR CA IPCC/FINAL EXAMS

Q1. What is Revaluation of Marks?
If you are not satisfied with the Marks awarded to in the CPT Result/ IPCC Result/ CA Final Result , you should apply for Revaluation of Answer Sheets.
From November 2011 onwards you can also ask for the disclosure & inspection of your answer sheet.

Q2. What is the Procedure to apply for Revaluation of Marks?
No Standard Procedure/ Application Form if there for applying for Revaluation of Marks of CA CPT / CA IPCC / CA Final.
You have to send a simple Hand written application to the Institute in your Own Handwriting mentioning the following details:
  • Your Roll No. (CPT Admit Card / IPCC/ Final Admit Card)
  • Your Registration No.
  • Paper(s) to be verified
  • Examination Appeared for Like: (CA CPT / PCC / IPCC / Final)
  • Your Address for Communication
If your medium of examination was in Hindi then you have to send the application for Revaluation of marks in Hindi in your own handwriting. You have to sign the application & with the application you have to send the requisite fee by way of DD (Demand Draft) within 1 month of the date of declaration of Results.
You don’t have to write your mobile no. or email id or landline numbers for such verification requests. In case you send the Printed Application, it will be rejected instantly. So better write it down.
You can file Application for Verification/ Revaluation of Marks online on the official website:http://icaiexam.icai.org.

2. What is the fee for Revaluation of Marks?
Fee for Revaluation of Marks for IPCC and Final Rs. 100 /- per paper subject to a maximum of Rs. 400/- for all the papers of a group/ both groups.
Fee for Revaluation of Marks for CPT Rs. 200
Fees is to be remitted by way of Demand Draft in favor of “The Secretary, The Institute of Chartered Accountants of India” payable at New Delhi.
3. What aspects are covered in Verification of Marks?
Ans. It covers the following:
  • Whether the answer book(s) compilation is complete
  • Whether any question or part thereof has remained unvalued
  • Whether there is any totaling error in any question or total marks on the cover page
  • Whether there is any discrepancy between the marks for each question and or/part thereof and marks for each question indicated on the cover page of the answer book
  • Whether the handwriting of the candidate in all the answer books is the same

4. Where to send the Application?
You have to send/ deposit the Application & Demand Draft at either of the following address:
a. “The Additional Secretary (Exam), ICAI Bhawan, Post Box No. 7112, The Institute of Chartered Accountants of India, Indraprastha Marg, New Delhi – 110 002“
b. “The Senior Deputy Director (Exams), The Institute of Chartered Accountants of India, C-1, Sector -1, Noida- 201301“

5. When is the Revaluation Result announced?
It can take good 6-8 weeks for the declaration of result. (May be longer sometime)
Results are displayed online but a written communication is also sent to you at the address mentioned by you in the application.
If your marks are revised after revaluation then you will also get a Revised Marksheet.
You can check your results of Verification/Revaluation of Marks Online
In case you don’t receive the result latest upto 20 days before commencement of the next exam, you have to send an email to the exam department at exam@icai.org

6. What could be the possible result of Revaluation?
The Revaluation can result in:
  • No Change of Marks
  • Increase of Marks, impacting Result or Exemption in one or more papers
  • Increase in Marks, which does not have any impact on Result or Exemption in one or more papers
  • Decrease of Marks

7. Do we get refund in case of change of Marks?
If your marks change, the verification fee will be refunded to you automatically.
You don’t need to make any separate claim for refund & a demand draft will be sent to your address.
Advice: If your Revaluation result is not announced before the last date of submission of Next Examination Form, then you must apply for the next exams.
Now, if later on your Revaluation Result comes positive and you are declared as passed in the Revaluation Process– then Examination Fees paid by you will also be refunded. (Isn’t it good enough?)
Process of Online Application for Revaluation
1. Write an application for Revaluation of marks in your own handwriting.
2. Scan the application.
4. On the upper left hand side click on “Apply Online for Verification, Inspection or Certified Copies”
5. Following options will open when you place the mouse over it:
a. Apply Online for Verification of Nov2013 Exams
b. Check payment status of Verification of Answer Books
c. Apply online for Inspection or Certified Copies- Nov2013
d. Check payment status of Inspection or Certified Copies of Application.
Click on the “a.” option.
6. You will be taken to a new webpage which gives the details of online application procedure. Go through the details and click on the link at the bottom of the page.
7. Then a new page will get opened. Enter your details over there and it will be all done

Friday 8 August 2014

Cost FM All Formulas (Handwritten) Notes for ca ipcc

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Cost FM All Formulas:

 

Topics Covered :

  1. Operating Costing

  2. Overheads

  3. Joint and By-product Costing

  4. Marginal Costing and Absorption Costing

  5. Reconciliation

  6. Standard Costing

  7. Process Costing

  8. Cost Sheet

  9. Contract Costing

  10. Labor Costing

  11. Integrated and Non-Integrated

  12. Material

  13. Capital Budgeting

  14. Capital Structure

  15. Cash Flow Statement

  16. Cost Of Capital

  17. Debtors Management

  18. Fund Flow Statement

  19. Leverages

  20. Ration Analysis

  21. Working Capital Management

  22. Important Theory Questions Of Costing (With Answers)

  23. Important Theory Questions Of Financial Management (With Answers)\


 

Tuesday 5 August 2014

ALL IN ONE CPT NOTES

GENERAL ECONOMICS

MERCANTILE LAW

QUANTITATIVE APTITUDE



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IPCC Taxation Amendments For November 2014

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The New Syllabus for IPCC Taxation is :

Part I: Income-tax (50 marks)
1. Important definitions in the Income-tax Act, 1961
2. Basis of charge; rates of taxes applicable for different types of assessee
3. Concepts of previous year and assessment year
4. Residential status and scope of total income; Income deemed to be received / deemed to accrue or arise in India
5. Incomes which do not form part of total income
6. Heads of income and the provisions governing computation of income under different heads
7. Income of other persons included in assessee’s total income
8. Aggregation of income; set-off or carry forward and set-off of losses
9. Deductions from gross total income
10. Computation of total income and tax payable; rebates and reliefs
11. Provisions concerning advance tax and tax deducted at source
12. Provisions for filing of return of income.
Part II: Indirect Taxes (50 marks)
Objective:
To develop an understanding of the basic concepts of the different types of indirect taxes and to acquire the ability to analyse the significant provisions of service tax.
1. Introduction to excise duty, customs duty, central sales tax and VAT – Constitutional aspects, Basic concepts relating to levy, taxable event and related provisions
2. Significant provisions of service tax
(i) Constitutional Aspects
(ii) Basic Concepts and General Principles
(iii) Charge of service tax including negative list of services
(iv) Point of taxation of services
(v) Exemptions and Abatements
(vi) Valuation of taxable services
(vii) Invoicing for taxable servicesPage 11 of 17
(viii) Payment of service tax
(ix) Registration
(x) Furnishing of returns
(xi) CENVAT Credit [Rule 1 -9 of CENVAT Credit Rules, 2004


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Indirect Tax Charts for ca final

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Paper 8: Indirect Tax Laws

(One paper – Three hours – 100 marks)
Revised Syllabus – Applicable from November, 2014 Examination onwards
(One Paper – Three hours – 100 marks)
Level of Knowledge: Advanced knowledge

Objectives:

(a) To gain advanced knowledge of the principles of the laws relating to central excise,
service tax and customs
(b) To acquire the ability to apply the knowledge of the provisions of the above-mentioned
laws to various situations in actual practice

Contents:

Section A: Central Excise (25 marks)
Central Excise Act, 1944 and the Central Excise Tariff Act, 1985
Section B: Service Tax (50 marks)
Law relating to service tax as contained in the Finance Act, 1994 as amended from time to time.
Section C: Customs and Foreign Trade Policy (25 marks)
Customs Act, 1962, Customs Tariff Act, 1975 and Foreign Trade Policy to the extent relevant to the Customs Law.




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Monday 4 August 2014

CA IPCC/FINAL/CS SALARY NOTES

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SECTION 80C EASY NOTES FOR CA IPCC AND CA FINAL

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Sunday 3 August 2014

All Accounting Standards Notes

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AS 1 Disclosure of Accounting Policies
  AS 2 Valuation of Inventories
  AS 3 Cash Flow Statements
  AS 4 Contingencies and Events Occuring after the Balance Sheet Date
 
  AS 6 Depreciation Accounting
  AS 7 Construction Contracts (revised 2002)
  AS 9 Revenue Recognition
  AS 10 Accounting for Fixed Assets
  AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003),
  AS 12 Accounting for Government Grants
  AS 13 Accounting for Investments
  AS 14 Accounting for Amalgamations
  AS 15 Employee Benefits (revised 2005)
  AS 16 Borrowing Costs
 
  AS 18 Related Party Disclosures
  AS 19 Leases
 
AS 20 Earnings Per Share
  AS 21 Consolidated Financial Statements
  AS 22 Accounting for Taxes on Income.
  AS 23 Accounting for Investments in Associates in Consolidated Financial Statements
  AS 24 Discontinuing Operations
  AS 25 Interim Financial Reporting
  AS 26 Intangible Assets
  AS 27 Financial Reporting of Interests in Joint Ventures
  AS 28 Impairment of Assets
  AS 29 Provisions,Contingent` Liabilities and Contingent Assets

Income Tax Summary Notes for ca final

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THE NOTES CONTENTS:
❖ INCOME UNDER THE HEAD BUSINESS/PROFESSION
❖ INCOME UNDER THE SALARY
❖ INCOME UNDER THE HEAD CAPITAL GAINS
❖ AGRICULTURAL INCOME
❖ CLUBBING OF INCOME
❖ INCOME UNDER THE HEAD OTHER SOURCES
❖ DEDUCTION OF TAX AT SOURCE
❖ SET OFF AND CARRY FORWARD OF LOSSES
❖ PROVISIONS FOR FILING OF RETURN OF INCOME
❖ CHARITABLE TRUST/ RELIGIOUS TRUST
❖ IMPORTANT DEFINITIONS IN INCOME TAX ACT
❖ INCOME EXEMPT FROM INCOME TAX

CA Final Auditing Updated notes for November 2014 and May 2015 Exams

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CA Final SFM Theory Notes

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Level of Knowledge :

Advanced knowledge.

Objectives:

To apply financial management theories and techniques for strategic decision making.

Contents:

1. Financial Policy and Corporate Strategy

Strategic decision making framework

Interface of Financial Policy and strategic management

Balancing financial goals vis-� -vis sustainable growth.
2. Project Planning and Capital Budgeting

Feasibility study

Cash flow Projections – Impact of taxation, depreciation, inflation and working capital

Capital Budgeting Decisions – Certainty Equivalent approach, Evaluation of Risky Investment Proposals, Risk and Return analysis, Simulation and decision tree analysis, Sensitivity analysis, Capital Rationing, Adjusted Net Present Value, Replacement decisions, Application of Real Options in capital budgeting, Impact of inflation on capital budgeting decisions

Preparation of Project Report

Social cost benefit analysis.
3. Leasing decision including cross border leasing
4. Dividend Decisions

Dividend theories, Determinants of dividend policies.
5.
(a) Indian Capital Market

including role of various primary and secondary market institutions
(b) Capital Market Instruments

Financial derivatives – stock futures, stock options, index futures, index options

Option valuation techniques : Binomial model, Black Scholes Option Pricing Model, Greeks – Delta, Gamma, Theta, Rho and Vega

Pricing of Futures – Cost of carry model

Imbedded derivatives
(c) Commodity derivatives
(d) OTC derivatives

Swaps, Swaptions, Forward Rate Agreements (FRAs), Caps, Floors and Collors.
6 Security Analysis

Fundamental analysis – Economic analysis, Industry analysis and Company Analysis

Bond valuation, Price Yield relationship, Bond Price forecasting – application of duration and convexity, Yield curve strategies

Technical Analysis – market cycle model and basic trend identification, different types of charting, support and resistance, price patterns, moving averages, Bollinger Bands, momentum analysis.
7. Portfolio Theory and Asset Pricing

Efficient Market Theory – Random walk theory ; Markowitz model of risk return optimization

Capital Asset Pricing Model (CAPM)

Arbitrage Pricing Theory (APT)

Sharpe Index Model

Portfolio Management – Formulation, Monitoring and Evaluation

Equity Style Management

Principles and Management of Hedge Funds

International Portfolio Management.
8. Financial Services in India

Investment Banking

Retail Banking

On Line Share Trading

Depository Service.
9.
(a) Mutual Funds:

Regulatory framework, formulation, monitoring and evaluation of various schemes of Mutual funds, Money market mutual funds.
(b) Exchange Traded Funds.
10. Money Market operations
11.
(a) Foreign Direct Investment, Foreign Institutional Investment.
(b) International Financial Management

Raising of capital abroad – American Depository Receipts, Global Depository Receipts,

External Commercial Borrowings and Foreign Currency Convertible Bonds

International Capital Budgeting

International Working Capital Management.
12. Foreign Exchange Exposure and Risk Management

Exchange rate determination, Exchange rate forecasting

Foreign currency market

Foreign exchange derivatives – Forward, futures, options and swaps

Management of transaction, translation and economic exposures

Hedging currency risk.
13. Mergers, Acquisitions and Restructuring

Meaning of mergers and acquisition, categories, purposes

Process of mergers and acquisition – Identification and valuation of the target, acquisition through negotiation, due diligence, post – merger integration

Legal and regulatory requirements

Merger and Acquisition agreement

Reverse merger

Potential adverse competitive effects of mergers

Corporate Takeovers: Motivations, Co-insurance effect, Cross-border takeovers, Forms of takeovers, Takeover defenses

Going Private and Other Control Transactions: Leveraged Buyouts (LBOs), Management Buyouts (MBOs), Spin Offs and Asset Divestitures

Corporate Restructuring : Refinancing and rescue financing, reorganizations of debtors and creditors, Sale of assets, targeted stock offerings, downsizing and layoff programmes, negotiated wage give-backs, employee buyouts.

CA FINAL- Direct Tax November 2014 Case Summary

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Accounting standard 19,20,26 video lecture

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Friday 18 July 2014

CA IPCC/FINAL 3 MONTHS REVISION SCHEDULE

A Final exams of November 2014 are coming closer Our preparation time table should be started from 1st August 2014. Here we have almost 3 months for preparation.  If you follow given study plan, damn sure you can get 60 + marks in each and every paper.
Suggested study plan for CA Final May 2014
Here I’m giving study plan for 3 months. We can definitely complete our preparation in 3 months very easily. In this 3 months preparation you have to do 3 times of revision for CA Final exams. Below I given the study plan for CA Final exams preparation .
Preparing For Examinations
1. A student is required to prepare thoroughly for examinations well in advance and to devote at least two hours daily for studies while undergoing Articled Training.
2. During leave period at least 14 to 16 hours’ hard work is required.
3. Avoid mobiles, internet and television as far as possible.
4. Students must study from study material and do practice from practice manual. Wherever a particular topic or point is not clear, a student may refer to a standard text/reference book.
5. Students should refer suggested answers of questions set in last five/six examinations and Revision Test Papers. It is strongly recommended to solve the questions first without referring to solutions and then comparing the answers with the solutions given. Such an approach would help in knowing point of mistake and presentation pattern of an answer.
6. In law papers, Section and its provision is to be given correctly. If a student is not sure about the Section number then he should not quote the same.
How to utilize time during leave period
Get up early in the morning at 4 AM. Be ready by 5 AM. This period (4.00 AM to 6.00 AM) is called ‘Brahma Murat’ and studies done during this period cannot be forgotten i.e. they remain in memory for long.
5 AM. To 7.00 AM
Read Theory

7 AM. to 7.30 AM.
Breakfast Time

7.30 AM to 10.30 AM
Read theory – mind is always fresh in the morning

10.30 AM to 11.00 AM
Relaxation Time

11.00 AM to 1 PM.
Do/solve practical problems.

1 PM to 2 PM
Lunch Time

2 PM to 3 PM
May take short sleep

3 PM to 5 PM
Do/solve practical problems.

5 PM to 5.30 PM
Have a break.

5.30 PM to 8 PM
Read theory.

8 PM to 9 PM
Dinner Time

9 PM to 10 PM
May go for outing – watch T.V

10 PM to 12 PM

Do/solve practical problems

12 PM to 4 AM
Have sleep


1st Revision
t
   
Daily preparation time for each paper
   
Total hrs.½ hr x 60 days

Refer previous day’s revision
(in early morning )
30 hrs.   

   

Financial Reporting
   
2 hr x 60 days
   
120 hrs.


Strategic Financial Management
   
2 hr x 60 days
   
120 hrs.


Advanced Auditing and Professional Ethics
   
1 hr x 60 days
   
60 hrs.


Corporate and Allied Laws
Section A : Company Law
Section B : Allied Laws
   
2 hr x 60 days
   
120 hrs.



Advanced Management Accounting
   
2 hr x 60 days
   
120 hrs.



Information Systems Control and Audit
   
1 hr x 60 days
   
60 hrs.



Direct Tax Laws
   
2 hr x 60 days
   
120 hrs.


Indirect Tax Laws
Section A : Central Excise
Section B : Service Tax & VAT
Section C : Customs
   
1 hr x 60 days
   
60 hrs.



Once again refer that full day’s revision
(Before going to bed )
   
½  hr x 60 days
   
230 hrs.
Total
   
14 hrs. x 60 days
   
840 hrs.
You have to complete your 1st revision in first 60 days and also you have to complete full syllabus of CA Final in your study material in this period.
Here study material means your own class notes/tutorials own material or any preferred publishers publication. Even you can prepare both CA Final study material and practice manual of ICAI.
Study plan for CA Final November 2014  - 2nd Revision
2nd Revision
No. of days = 15 days
Daily preparation hours = ( 13+1 ) = 14 hrs.
Subject
   
Daily preparation time for each paper
   
Total hrs.
Refer previous day’s revision
(in early morning )
   
½ hr x 15 days
   
7.30 hrs.
Financial Reporting
   
2 hr x 15 days
   
30 hrs.
Strategic Financial Management
   
2 hr x 15 days
   
30 hrs.
Advanced Auditing and Professional Ethics
   
1 hr x 15 days
   
30 hrs.
Corporate and Allied Laws
Section A : Company Law
Section B : Allied Laws
   
2 hr x 15 days
   
45 hrs.
Advanced Management Accounting
   
2 hr x 15 days
   
15 hrs.
Information Systems Control and Audit
   
1 hr x 15 days
   
15 hrs.
Direct Tax Laws
   
2 hr x 15 days
   
15 hrs.
Indirect Tax Laws
Section A : Central Excise
Section B : Service Tax & VAT
Section C : Customs
   
1 hr x 15 days
   
15 hrs.
Once again refer that full day’s revision
(Before going to bed )
   
½  hr x 15 days
   
7.30 hrs.
Total
   
14 hrs. x 15 days
   
210 hrs.
You have to complete your 2nd revision in next 15 days and once again you have to complete full revision of your study material which is you prepared in 1st revision. But this time you should prepare both CA Final study material and practice manual of ICAI.
Note : preparation of ICAI’s study material and practice manual is must and should. So you should do this in 2nd revision.
3rd Revision
No. of days = 15 days

In this 3rd revision there is no particular time table. Just concentrate on your weak areas of subjects. Once again revise all subjects which were you completed in last 2 months(1st and 2nd revisions). This time also prepare previous years papers, mock test papers, RTP’s and other model papers which are you have.
That’s it guys…! All the Best..!




REGARDS










HIMANSHU PUROHIT

Monday 14 July 2014

IPCC FM ONE PAGE SUMMARY NOTES WITH ALL FORMULAS

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STANDARD OF AUDITING EASY NOTES SERIES 300,400,500 FOR CA STUDENTS

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IPCC/FINAL NOTES ON STANDARDS OF AUDITING NOTES EASY - SERIES 200

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Saturday 12 July 2014

CA IPCC AND FINAL NOTES ON CENTRAL EXCISE AND CENVAT

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CA IPCC AND CA FINAL NOTES ON CUSTOMS

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CA IPCC AND FINAL NOTES ON CARO---EASY LEARNING TECHNIQUE TO LEARN CARO

Guys the CARO reporting requirements.. Easier way to remember.. 

" IF CCD IS FILLED GRAB SPECIAL (SPL) TEA (T)" 
I - INVETORIES
 F - FIXED ASSETS 
C - COST ACCUNTING RECORDS 
C - CHIT FUNDS 
D - DEPOSIT I - 
INTERNAL CONTROL 
S - STATUTARY DUES 
F - FRAUD
 I - INTERNAL AUDIT 
L - LOAN TO/FROM DIRECTORS 
L - LOAN AGAINST SECURITIES 
E - END USE OF ISSUE PROCEED 
D - COMPANY DEALING IN SECURITIES 
G- GUARENTEE GIVEN 
R - REPAYMENT OF DUES 
A - APPLICATION OF FUNDS 
B - END USE OF BORROWING 
S - SECURITIES FOR DEBENTURES ISSED
 P - PREFERNTIAL ALLOTMENT 
L - LOSS MAKING COMPANY 
T - TRANSACTION COVERED U/S 301 Do make frequent application of the same in audit exam.. Will fetch better marks..




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CA IPCC NOTES ON BUSINESS ETHICS

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Wednesday 9 July 2014

CA IPCC NOTE ON CENTRAL SALES TAX

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CA IPCC AMENDMENTS FOR NOVEMBER 2014 DOWNLOAD

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Thursday 3 July 2014

INCOME FROM OTHER SOURCES NOTES FOR CA IPCC/FINAL

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CA IPCC/FINAL/CS NOTES ON SALARY TOPIC

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Wednesday 2 July 2014

IPCC NOTES- BUSINESS COMMUNICATION EASY NOTES

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capital gain notes for ca final,ca ipcc,cs and cma students



CAPITAL GAINS
Applicable for A.Y.2014-2015
Today very few people might have not known the word Capital Gains Tax. Section 45 of the Income Tax Act, 1961 deals with taxability of capital gains. Section 45 says that any profits & gains arising from the transfer of capital asset effected in the previous year is taxable as capital gain. In this topic, two terms are important, one is capital gain and other is transfer. This capital gain is nothing but the income of person who transfers his asset in any previous year.
Definition –Capital Asset :-
A capital asset means property of any type which is held by assessee whether or not connected with his business or profession, but does not include-
a)      Any stock-in-trade, consumable stores or raw materials held for the purpose of the business or profession of the assessee,
b)      Personal effects, i.e.movable property (including wearing apparel and furniture ) held for personal use by the assessee or any member of his family dependent on him, but excluding-jewellery, archaeological collections, drawings, paintings, sculptures or any work of art.
c)      Rural agricultural land in India
d)      6 ½% Gold Bonds, 1977, or 7% Gold Bonds 1980, or National Defence Gold Bonds,1980 issued by the Centra Government.
e)      Special Bearer Bonds 1991 issued by the Central Government.
f)       Gold Deposit Bonds issued under the Gold Deposit Scheme,1999 notified by CG.

Rural Agricultural Land In India-
Only rural agricultural land in India are excluded from taxability. It means land which is in urban area is taxable on transfer. So any land situated within the limits of any municipality or cantonment board having a population of 10,000 or more as per latest census will be held as urban land and hence capital assets. Further agri land situated in areas within a distance of 8 kms from the local limits of such municipality or cantonment board will also be capital asset. Such areas shall be notified by the CG.

Jewellery- ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals,whether or not containing any precious or semi-precious stones and whether or not worked or sewn into any wearing apparel. This is a capital asset and profit on sale of jewellery is charged to tax.

Zero Coupon Bond-
Zero Coupon Bond means a bond issued by any infrastructure capital company or infrastructure capital fund or a public sector company or a scheduled bank on or after 1st june 2005, in respect of which no payment and benefit is received or receivable before maturity or redemption from such issuing entity and which the CG may notify in this behalf. CG has specified some bonds issued on or before 31.3.2009 as ZCB- like 10 year ZCB of HUDCO,SIDBI,NABARD, IDFC,National Housing bank, 15 year ZCB of HUDCO, Power Finance Corporation. New bonds issued by CG are (issued on or before 31.3.2011) 10 years Bhavishya Nirman Bond of NABARD and 10 years Deep Discout Bond of Rural Electrification Corporation Ltd.
The income on transfer of ZCB(not held as stock in trade) is treated as capital gains. For this purpose maturity or redemption of ZCB is treated as transfer.          ZCBs held for more than 12 months are treated as long term capital gains. Where tax payable in respect of any income arising from transfer of ZCBs exceeds 10% of the amount of capital gains before giving effect to indexation,then such excess shall be ignored for the purpose of computing tax payable.

Short term capital asset-It is a capital asset held by the assessee for not more than 36 months immediately preceding the date of transfer.
Long term capital asset-It is a capital asset held by the assessee for more than 36 months immediately preceding the date of transfer.
But in case of company shares, securities, units of Unit Trust of India and of Mutual Fund, ZCBs if these are held for more than 12 months, these will be treated as long term capital asset.

Transfer [Section 2(47)] :-
The act contains an inclusive definition of the term Transfer. It includes-
1.      The sale, exchange or relinquishment of the asset; or
2.      The extinguishment of any rights therein; or
3.      The compulsory acquisition under any law;
4.      Conversion thereof into stock-in-trade of a business;
5.      The maturity or redemption of zero coupon bonds;
6.      Part performance of the contract; i.e. handing over of possession of immovable property on receipt of consideration. Even if conveyance/deed is not registered.


Receipts from Insurance parties [sec 45(1A)]
When any person receives any money or other assets under insurance from insurance company for damage to or destruction of any capital asset, as a result of flood, typhoon, hurricane, cyclone, earthquake or other convulsion of nature, riot or civil disturbance, accidental fire or because of action of enemy or action taken in combating an enemy, then any profits or gains arising from receipt of such money shall be taxable as capital gains.
Conversion or treatment of a capital asset into stock-in-trade [sec.45(2)]
A owner of a capital asset may convert that asset into stock-in-trade of his business carried on by him. Then profits and gains arising on conversion of such asset will be charged to tax as capital gains. The profit will be considered his income in the PY in which such stock is sold out by him. Fair market value on the date of conversion will be treated full value of consideration. Any conversion done of capital asset into stock in trade before 1.04.1985 will not attract tax on capital gains in the hands of assessee.
Transfer of beneficial interest in securities [sec.45(2A)]
Where any person has at any time during the PY any beneficial interest in any securities, then any profits/gains arising from the transfer made by     Depository or participant of such beneficial interest in respect of securities shall be charged to tax as capital gains in the hands of beneficial owner in the year of transfer. It shall not be regarded as income of the Depository who is deemed to be the registered owner of the securities. For this purpose, cost of acquisition and period of holding of securities shall be determined on FIFO basis.
Further, the date of brokers note shall be treated as the date of transfer when securities are traded through stock exchanges. And holding period shall be reckoned to take place directly between the parties and not through stock exchanges.
Where securities are acquired in several lots at different points of time, FIFO method shall be used to reckon the period of the holding of securities. Indexation, wherever applicable for long term assets shall be applied.
Here, beneficial Owner means a person whose name is recorded as such with a depository.
Depository means a company formed & registered under the Companies Act, 1956 and which has been granted a certificate of registration under SEBI Act, 1992.



Introduction of Capital asset as Capital contribution [sec.45(3)]
When any person transfers a capital asset to a firm, AOP or BOI in which he is partner/member  or a newly coming partner/member, by way of capital contribution or otherwise, then the amount recorded in the books of the firm, AOP,BOI will be chargeable to tax as capital gains in the year of transfer.
Distribution of Capital Assets on a firm’s dissolution [sec.45(4)]
On the dissolution of firm, AOP,BOI, or Otherwise, profits or gains arising from transfer of capital asset by way of distribution to members/partners, will be taxable as capital gains. The fair market value of such assets on the date of transfer shall be full value of consideration.
Compensation on compulsory acquisition [sec.45(5)]
On taking over of land & building and other capital assets by CG, by way of compulsory acquisition, the profits/gains arises. The compensation which are determined and paid by CG are treated as capital gains and charged to tax in the year of Receipt after deducting cost of acquisition. The Govt. may enhance as well as reduce the compensation previously enhanced on appeal of the assessee or for some other reason. In this case cost of improvement and expenditure on transfer are taken as NIL.
Repurchase of Mutual Fund units referred to sec.80 CCB [sec.45(6)]
The difference between repurchase price and the amount invested will be chargeable to tax in PY in which such repurchase takes place or plan referred to sec. 80CCB is terminated.
Capital gains on distribution of assets by Companies in liquidation [sec.46]
Where the assets of a company are distributed to its shareholders on its liquidation, such distribution shall not be deemed as transfer. But for this exemption, the assets of the company must be distributed in specie to shareholders on liquidation. If liquidator sells assets of company resulting in capital gains, and distributes the funds so collected, then company will have to pay tax on such gains.
When shareholders receive money or other assets from the company, they will be charged to tax as capital gains in respect of the market value of the assets received on the date of liquidation. The portion of the distribution  to the extent of accumulated profit is deemed as dividend income u/s2(22)C. the same will be deducted from the amount received /fair market value for the purpose of determining consideration for computing capital gains.
Subsequently, if shareholder sells such asset received on liquidation, at a price which is in excess of his cost of acquisition determined as above will be taxable as capital gain in his hands.
Capital gains on Buyback of shares [sec.46A]
Any consideration received by a shareholder or a holder of other specified securities from any company on purchase of its own shares or securities shall be chargeable to tax as capital gains on the difference between the consideration and and the cost of acquisition. Such capital gains shall be chargeable in the year in which such shares/securities were purchased by the company.
Transactions not regarded as transfer [sec.47]
This section contains various transactions which are not to be regarded as transfer, so there will be no tax on transfer within the scope of this transactions.
Withdrawl of Exemption [sec.47A]-
Capital gains arising from the transfer of a capital asset by a company/subsidiary company to its wholly owned subsidiary company/holding company is exempt from tax. But if at any time before the expiry of 8 years from the date of transfer of asset,if such asset is converted by the transferee company into stock in trade of its business, such exemption will be withdrawn. Also if before expiry of 8 years, holding company ceases to hold the whole of capital of other company, such exemption will not be available. So amount exempt earlier will be deemed as capital gains by virtue of such transfer of capital assets.

Capital Gain formula-
full value of consideration-expenditure incurred wholly and exclusively in connection with such transfer-cost/indexed cost of acquisition-cost/indexed cost of improvement.
Cost of Acquisition-
This is the Actual price paid for acquiring the capital assets. In case such capital asset is received by any mode other than purchase,(i.e. by gift, by succession, by will, on partition of HUF by members, on amalgamation of two companies etc.) the actual cost will be the cost to the previous owner who had beared such cost.
Cost of Acquisition before 1.04.1981-if an assessee or previous owner had purchased any capital asset before 1.04.1981, then actual cost or fair market value as on 1.04.1981 whichever is more is/can be taken as cost of acquisition at the option of the assessee.
In case of right shares, cost of acquisition shall be actual price paid for acquiring such shares if such right is exercised, and if it is renounced in favour of any other person, then such cost shall be NIL. If bonus shares are allotted to the assessee, cost shall be NIL, however, if such bonus shares are received before 1.04.1981, assessee may opt to take fair market value as on 1.04.1981 as cost of such bonus shares.
Indexation, wherever necessary can be provided.
Cost of Improvement-
The assessee can claim deduction in respect of cost incurred on improvements, repairs etc. any cost of improvement incurred before 1.04.1981 is not to be considered. It shall be ignored.

Computation of Capital Gains in case of Depreciable Assets [sec.50]-
Section 50  provides for computation of capital gains in case of depreciable assets. Where the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed, shall be computed as follows :
Where the full value of consideration received/accruing for sell of asset or all assets within the block during PY exceeds the total of the following-
1.      Expenditure incurred wholly & exclusively for transfer of assets
2.      WDV of the block of assets at the beginning of previous year
3.      Actual cost of any asset within same block purchased in the same year,
Then such excess shall be deemed short term capital gains (irrespective of the period of holding of asset-i.e. for more than 36 months,)
Capital Gains in respect of Slump sales [sec.50B]-
Any profits or gains arising from the slump sale(one or more undertakings) effected in PY shall be chargeable to income tax as capital gains (long term or short term as appropriate).
Net worth of the undertaking shall be deemed to be cost of acquisition and cost of improvement for capital gain calculation purpose.
Net worth- total value of all assets of the undertaking minus value of all liabilities as appearing in the books of account.
In case of depreciable assets-WDV of block of assets calculated as per sec. 43(6)(C)i.
In case of capital assets in respect of which whole expenditure has been allowed-NIL.
For all other assets-book value.
Every assessee in case of slump sale shall furnish in the prescribed form along with the return of income a report of CA indicating computation of net worth of the undertaking and certifying that the net worth of the undertaking or division has been correctly arrived at.

Section 50C :-
Where the consideration received or accruing as a result of transfer of a capital asset, being land or building or both,is  less than the value adopted or assessed or assessable by any authority of state government (stamp valuation authority) for the purpose of payment of stamp duty in respect of such assets such value adopted or assessed or assessable shall be deemed as full value of consideration.
Where the assessee claims before AO that value adopted by authority exceeds fair market value of the property as on the date of transfer,and such value so adopted/assessed or assessable has not been disputed in any appeal or revision or court, then AO may refer the valuation of the capital asset to a valuation officer as defined in sec.2(r) of the Wealth Tax Act,1957.
Where such value ascertained by such valuation officer exceeds the value adopted or assessed by the stamp authority,the value adopted or assessed or assessable shall be taken as the full value of consideration received as a result of the transfer.
Section 50D (New Section) :-
In a case, where the consideration received or accruing as a result of the transfer of a capital asset by an assessee is not ascertainable or cannot be determined, then for the purpose of computing income, the fair market value of the said asset on the date of transfer shall be deemed as full value of consideration received or accruing as a result of the transfer.
Section 51 (Advance money received ):-
When the assessee receives some advance money or deposit and due to break down of negotiation the assessee retains such advance money, then while calculating tax on capital gain, such advance must go to reduce the cost of acquisition. Cost of acquisition shall be reduced by the amount of advance.




Exemption of Capital Gains :-
Section
54
54B
54D
54EC
54F
54G
54GA
Eligible Assessee
Individual & HUF
Individual & HUF
Any Assessee
Any Assessee
Individual & HUF
Any assessee
Any assessee
Long Term/Short Term asset
Long term
Any
Any
Long Term
Long Term
Any
Any
Item to transfer
Residential House
Urban Agricultural Land
Compulsory acquisition of land & building
Any capital/ deprecia-ble  asset
Any asset not being Residential House
Shifting of industrial under-taking from urban area to any other area.
Shifting of industrial under-taking from urban area to any SEZ.
Condition of Transfer
A new Resi House should be purchased within 1 yr before or 2 yrs after the date of transfer or constructed within 3 yrs
Must have been used for Agri. purpose in immediately preceding 2 yrs by HUF assessee or his parents+ purchase other Agri. land within 2 yrs (urban or rural ).
Land & B. forming part of an industrial undertaking must be used by assessee for previous 2 years in business of industrial undertaking+ purchase of other L & B or construct  within 3 yrs(for same purpose)
Invest in specified bonds of National Highways Authority of India and Rural Electrifica-tion corp Ltd. redeema-ble after 3 yrs+ not to encash or trf such bonds
Pur Resi house within 1 yr before or 2 yrs or construct within 3 yrs after the date of trf+ assessee should not own,pur within 1 yr  or construct any other Resi house for 3 yrs frm date of trf
Pur new plant & mach, or L & B, within 1 yr before or 3 yrs after the date of trf, +cap. Gain can be used for expenses on shifting.+ such other exp. as CG may specify.
Pur new plant & mach, or L & B, within 1 yr before or 3 yrs after the date of trf, +cap. Gain can be used for expenses on shifting.+ such other exp. as CG may specify.
How much is Exempt
Cost of New Resi House or Capital gain whichever is lower.
Cost of New Agri. Land or Capital Gains whichever is lower.
Cost of New L & B or Capital Gains whichever is lower.
Capital Gains or investment amt whichever is lower
LTCG*amt invested in new Resi House/net sale conside-ration
Capital gains or cost of new asset+ exp. On shifting whichever is lower
Capital gains or cost of new asset+ exp. On shifting whichever is lower
If New Asset is transferred within 3 years
Capital gains exempted earlier will be taxable in the year of sale
Capital gains exempted earlier will be taxable in the year of sale(except rural Agri. land )
Capital gains exempted earlier will be taxable in the year of sale.
Capital gains exempted earlier will be taxable in the year of sale.(inclu-ding taking loan on security of bonds ).
Capital gains exempted earlier will be taxable in the year of sale.+short term cap. gain on sale of new house
Capital gains exempted earlier will be taxable in the year of sale.
Capital gains exempted earlier will be taxable in the year of sale.
Capital Gain A/c Scheme
Applicable
Applicable
Applicable
Not
Applicable
Applicable
Applicable
Applicable



New Exemption Section (54GB)-
Sec 54GB has been inserted to exempt long term capital gains on sale of a Residential Property (house or plot of land) owned by an Individual or HUF in case of re-investment of sale consideration in the equity shares of an eligible company being a newly incorporated SME company engaged in the manufacturing sector, which is utilized by the company for the purchase of new plant & machinery.
Eligible Company- the company should be-
1.      Incorporated in the FY in which the capital gain arises or in the following year on or before the due date of filing return of income by the individual or HUF;
2.      Engaged in the business of manufacture of an article or thing ;
3.      A company in which the individual/HUF holds more than 50% of the share capital or 50% of the voting rights after the subscription in shares by the individual/HUf;
4.      A Company which qualifies to be a SME (small or medium enterprise), under the Micro, Small and Medium Enterprises Development Act, 2006, i.e.investment in the equipment is more than Rs.25 lakhs but less than Rs.10 crore.

Conditions to be satisfied to claim exemption under this new section-
1.      The  amount of net consideration should be used by the individual or HUF before due date of furnishing return of income, for subscription in in shares
2.      The amount of subscription as share capital is to be utilized by the eligible company for the purchase of new plant & machinery within 1 yr from the date of subscription in equity shares.
3.      If the amount of net consideration subscribed as equity shares is not utilized by the company for purchase of new P&M before the due date of filing the return by the assessee, then unutilized amount shall be deposited in any a/c with specified bank or institution before such due date of filing return of income. The return of income filed by assessee shall be accompanied by such proof of deposit.
4.      The said amount is to be utilized in accordance with any scheme notified by CG.
The Plant and Machinery shall be new in all respects and shall not be pre-utilized by any other person as well as it shall be for only manufacturing of articles purpose.
How much is exempt-
                                           amount invested in new plant & machinery
                 LTCG *          ------------------------------------------------------------------
                                                                 Net consideration

The exemption under this section would not be available for transfer of Residential Property made after 31.03.2017.
If the amount deposited by the company in banks etc. is not utilized wholly/partly for purchase of new P & M, within the period specified, then the capital gains not charged to tax on a/c of such deposit shall be charged to tax as income of assessee.
If equity shares of the company acquired by the individual/HUf or plant and machinery acquired by the company are sold out within 5 yrs from the date of acquisition, the amount of capital gains exempted earlier shall be deemed to be income of the assessee in the year in which such assets are sold.

Capital Gains Account Scheme-
Capital gains are exempt to the extent of investment of such gains/considerations in specified assets within the specified time. If such investment is not made before the date of filing of return of income, then capital gains shall be deposited in CGAS. Such deposit should be made before filing return of income or on or before the due date of filing return of income. Unutilized deposit amount shall be taxable in the year in which specified period expires.

Section 111A-short term capital gains in respect of equity shares/units of an equity oriented fund :-
Rate of tax-15%, subject to conditions-
1.      Such Transaction shall be entered into on or after 1.10.2004;
2.      It shall be chargeable to securities transaction tax ;
3.      In case of resident individuals/HUFs, if the basic exemption limit is not fully exhausted by any other income ,then STCG will be reduced by the unexhausted basic exemption limit and only the balance would be taxed @ 15%. (except-non residents).
Section 112-Tax on long term capital gains
Rate of tax-20%.
Where the total income as reduced by long term capital gains is below taxable limit, then such LTCG shall be reduced by the amount by which total income falls short to the maximum taxable limit/exemption limit. Then balance amount shall be taxed @ 20%.
LTCG on non corporate non resident/foreign company-(new section)-
LTCG on transfer of unlisted securities would be taxable at 10% on the capital gains calculated such amount without giving effect to indexation provisions. In respect of other LTCG rate of tax will be 20%.
Domestic company-LTCG rate-20%.
Section 10(38)- there is exemption on long term capital gains on sale of equity shares/units of an equity oriented fund subject to such transaction shall be charged to STT and and sold through stock exchange.